MarketsandMarkets forecasts the global Cognitive Media Market size to grow from USD 551.4 million in 2018 to USD 1,839.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 27.2% during the forecast period.
Cognitive technology is a phase of automation, which augments human decision-making capabilities while gradually being able to perform certain judgment-based tasks independently just like the human beings. Cognitive capabilities combine the power of various technologies, such as machine learning, deep learning, and Natural Language Processing (NLP). The cognitive media market has been defined as the summation of cognitive products, solutions, and services deployed for the media industry. The term ‘cognitive media’ refers to cognitive technology applications, including content management, network optimization, recommendation and personalization, customer retention, predictive analysis, security management, campaign analysis, digital publishing, and online gaming.
Content management application to hold the largest market size during the forecast period
Media enterprises use the content management application for analyzing past and current consumer behaviour and identify their preferences to deliver personalized experience to the customers. The cognitive computing technology also enables publishers or media agencies to automate their workflows and gain insights in the content creation. It also helps media companies in improving the customer retention.
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Small and Medium-sized Enterprises (SMEs) segment to grow at a higher CAGR during the forecast period
The cognitive media market by enterprise size has 2 segments: SMEs and large enterprises. The SMEs segment is expected to grow at a higher CAGR during the forecast period. An increasing demand for improved content for advertising and automated workflows in the media companies will drive the adoption of the AI technology among SMEs.
Major vendors in the global cognitive media market include Microsoft (US), Google (US), AWS (US), Adobe (US), IBM (US), nVIDIA (US), Salesforce (US), Baidu (China), Crimson Hexagon (US), Veritone (US), Bytedance (China), Acrolinx (Germany), Zeta Global (US), Kitewheel (US), Clarifai (US), Axle.ai (US), Albert (US), Kenshoo (Israel), Spotad (Israel), Valossa (Finland), Emarsys (Austria), Soundhound Inc. (US), Video Intelligence (Switzerland), MiQ (UK), Phrasee (UK), NewsRx (US), and TrendKite (US). These vendors have adopted the growth strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and venture into untapped regions.
Microsoft has been extensively working toward advancing its cognitive solution portfolio by following an effective mix of organic and inorganic growth strategies. The company, over the years, has formed strategic partnerships with leading market players, including Hyperledger, R3CEV, Lisk, BitShares, Syscoin, BitPay, Eris Industries, Factom, ConsenSys, Emercoin, and MultiChain. These partnerships have helped Microsoft deliver simplified development and deployment processes to its clients for building real-world cognitive solutions, applications, and pilot projects. In line with its organic growth strategies, Microsoft launched Azure Cognitive Workbench and Enterprise Smart Contracts, which help users build cognitive-based applications for running shared business logic. These platforms can also be used as cryptographic proof systems that can integrate with multiple cognitive. These developments are playing a key role in strengthening Microsoft’s position in the cognitive marketspace globally.
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Google has a diversified portfolio that focuses on providing a wide range of AI-powered solutions and services. The company is also taking several approaches to make AI technology and cloud easily available to its customers in different verticals. Google has invested USD 16.62 billion in its R&D activities in 2017 to provide the latest developments in the field of AI and cloud. The company is using Natural Language API, ML Kit, and Google AI to provide deep insights in the media and entertainment market. Advancements in machine learning technology, such as image searching and selective link-building, have enabled Google to augment the world’s leading search engine in multiple ways. For instance, Google’s AI-driven YouTube can be used for marketing. In March 2017, Google and Facebook together invested USD 150 million to improve an AI research facility in Canada.
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